Elon Musk tweeted about Tesla’s disengagement with bitcoin and the price got rug-pulled. Is bitcoin’s energy consumption destroying the world?
We’ll analyze some of the incentives and activities going on in the bitcoin mining world.
0:00 – Elon Musk Tweets, Bitcoin Falls
1:03 – Bitcoin Miner Incentives
1:43 – Square’s Report
4:38 – Redirecting Rejected Energy
5:10 – Environmentally-Friendly Bitcoin Miners (Great American Mining)
My intent with this video was to shed light on positive developments in the bitcoin mining industry. It’s easy to point fingers at bitcoin’s energy consumption and claim it is ruining the world when in reality, the network’s consumption is a drop in the water compared to global energy consumption (120 TWh vs. 160,000 TWh).
And consuming energy doesn’t have to be a negative thing. Bitcoin’s energy consumption is necessary to secure transactions and the wealth of users. It is mining that converts real energy into secure monetary energy.
While not perfect, the future of bitcoin mining will likely be much greener than it is today. As mentioned in the video, there’s a natural economic incentive for the industry to move towards renewable energy sources.
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=== SOURCES ===
Bitcoin Mining & Energy w/ Marty Bent & Harry Sudock: https://bit.ly/3ya93Uw
Bitcoin is Key to an Abundant, Clean Energy Future (Square): https://bit.ly/3eKsThh
Contextualizing Bitcoin’s Energy Consumption: https://bit.ly/3vZesLW
Great American Mining: https://gam.ai/
U.S. Energy Usage: https://bit.ly/3hwzxcC
